9911796707
TMI Blog2019 (10) TMI 904X X X X Extracts X X X X X X X X Extracts X X X X ..... from assessee's brother. 3. Facts of the case, in brief, are that assessee is a Physician deriving income from running hospital and sono scan etc., filed his return of income by declaring total income of Rs. 7,57,080/-. A survey u/sec. 133A was conducted in the professional premises of the assessee on 06/07/2012. Since it is a survey case, the case of the assessee was selected for scrutiny and after issuing notices, assessment was completed u/sec. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as 'Act'), dated 23/03/2016. In the assessment order, the Assessing Officer has noted that on verification of books of account and financial statements of the assessee, it is noticed that the assessee has shown gifts of Rs. 12.5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roduce the evidence in support of the creditworthiness of the donor as well as availability of the funds to be transferred, the same is added to the total income of the assessee as unexplained income. 4. On appeal, ld. CIT(A) confirmed the order of the Assessing Officer. 5. Before us, ld.counsel for the assessee has submitted that the assessee is a Doctor and constructing hospital and he received gift from his own brother and filed a confirmation. The gift amount received through the banking channels and therefore the Assessing Officer is not justified in making the addition as unexplained investment in the hands of the assessee. He further submitted that once assessee proved the gift received through banking channels, if at all the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... patnam. The case of the Assessing Officer is that the assessee has withdrawn the amount from his bank account on different dates and subsequently deposited in Habid Qatar International Exchange Ltd. and the same is credited to the assessee's HDFC bank account, Visakhapatnam. Therefore, the Assessing Officer is of the opinion that the same amount what was withdrawn from the bank account of the assessee's brother was not deposited in Habid Qatar International Exchange Ltd. and City Exchange, Doha, Qatar. He further observed that there is no occasion for the donor to give gift to the assessee. There is no gift agreement between the donor and the donee, therefore the Assessing Officer is of the opinion that the assessee failed to produce the cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In view of the above facts and circumstances of the case, we are of the opinion that the gift received by the assessee cannot be considered as not genuine gift. The assessee has proved the identity of the parties, creditworthiness of the donor and genuineness, therefore, the assessee has discharged burden casted upon him. It is further observed that no occasion is required to receive the gift by the assessee from his brother-Shri V.Bala Sudhakar. Therefore, the Assessing Officer is not correct in denying the gift received by the assessee is not a genuine gift. 9. Under the similar circumstances, the assessee also received gift in earlier years, the same has been considered by the coordinate bench of the tribunal in assessee's own case i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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